Geensoft, created by a management buy-out of the former embedded design tools business of Geensys, says it has received 'significant' investment from Ouest Ventures, the venture capital company based in Rennes, France.
The amount of investment was undisclosed and it will be used as working capital for the ongoing development of the company and its products on an international level.
The investment gives Ouest Ventures a 25 percent stake in Geensoft with the controlling 75 percent stake in the company remaining with the management and employees of Geensoft.
Ouest Ventures specialises in funding companies based in the western regions of France where it has invested in over 25 companies including several technology businesses.
Eric Cozanet, founder of Ouest Ventures, will join the Geensoft Supervisory Board which is headed by Marc Frouin, Geensys' former President and one of the principal players in the MBO.
“The completion of the MBO has enabled us to focus more clearly and completely on accelerating the market penetration and future growth potential of our portfolio of software tools for embedded systems,” said Eliane Fourgeau. “Ouest Ventures' funding support will help us to harness this development and achieve further international growth.”
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